Preferred Bank (NASDAQ:PFBC) Sees Strong Trading Volume – Here’s What Happened

Shares of Preferred Bank (NASDAQ:PFBC) saw unusually-high trading volume on Thursday . Approximately 76,146 shares traded hands during trading, a decline of 29% from the previous session’s volume of 106,983 shares.The stock last traded at $102.45 and had previously closed at $103.60.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PFBC. Weiss Ratings upgraded shares of Preferred Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. Stephens upped their price objective on shares of Preferred Bank from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 23rd. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Preferred Bank has a consensus rating of “Hold” and a consensus target price of $106.25.

Preferred Bank Price Performance

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market cap of $1.49 billion, a PE ratio of 9.46 and a beta of 0.56. The business’s fifty day moving average is $105.28 and its 200-day moving average is $97.25.

Preferred Bank (NASDAQ:PFBC) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.65 by $0.13. Preferred Bank had a net margin of 26.54% and a return on equity of 17.27%. The company had revenue of $73.47 million for the quarter, compared to analysts’ expectations of $73.60 million. On average, research analysts predict that Preferred Bank will post 10.71 earnings per share for the current fiscal year.

Preferred Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Stockholders of record on Tuesday, July 7th were paid a dividend of $0.80 per share. The ex-dividend date was Tuesday, July 7th. This represents a $3.20 annualized dividend and a dividend yield of 3.1%. Preferred Bank’s dividend payout ratio is presently 29.25%.

Institutional Investors Weigh In On Preferred Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PFBC. Public Employees Retirement System of Ohio bought a new stake in shares of Preferred Bank in the second quarter valued at approximately $25,000. EverSource Wealth Advisors LLC boosted its holdings in Preferred Bank by 1,224.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 331 shares of the bank’s stock worth $29,000 after buying an additional 306 shares during the period. Quarry LP grew its stake in Preferred Bank by 1,992.0% in the 3rd quarter. Quarry LP now owns 523 shares of the bank’s stock valued at $47,000 after buying an additional 498 shares in the last quarter. Johnson Financial Group Inc. purchased a new position in Preferred Bank in the 3rd quarter valued at approximately $70,000. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Preferred Bank during the fourth quarter worth $91,000. 72.77% of the stock is currently owned by institutional investors.

Preferred Bank Company Profile

Preferred Bank (NASDAQ: PFBC) is a California-chartered commercial bank headquartered in Los Angeles. The institution offers a full range of banking products and services to businesses and individuals, with a particular emphasis on commercial real estate lending, business banking, treasury management and deposit accounts. Preferred Bank operates through branch offices across Southern California and national loan production offices in major U.S. markets.

The bank’s core lending portfolio focuses on commercial real estate acquisition, development and investment properties.